Ethereum price crawled back from the $2,235 zone this week, but the recovery is already fading. The asset is trading below $2,300 and under its 100-hourly simple moving average, struggling to hold onto gains after a brief push above $2,280.
The $2,320 wall
On the hourly chart a bullish trend line has formed with support around $2,260, but immediate resistance sits at $2,300, and the real test is at $2,320 — the 61.8% Fibonacci retracement of the drop from $2,382 to $2,233. Ethereum touched that level and couldn't break through. If it doesn't clear $2,320 soon, the recovery attempt is done.
Bearish signals underneath
The hourly MACD is gaining momentum in the bearish zone, and the hourly RSI is below 50. That's not a recipe for a sustained rally. On the downside, the first support is $2,260, then $2,250, with deeper floors at $2,220, $2,150, and $2,120. If ETH loses the trend line at $2,260, the rebound from $2,235 starts to look like a dead cat bounce.
Ethereum consolidated after that initial recovery above $2,280, and the failure to climb over $2,320 leaves it in a precarious spot. The next few hours will show whether buyers step back in or the bears take control. If the $2,260 support holds, there's a shot at another run at resistance. If it breaks, the path lower opens up quickly.
